Business

Don't lend govt, banks warned 13 April 2018 HARARE - Zimbabwean banks need to stop lending to government as their exposure to Treasury Bills (TBs) could work against the sector in the future, a local think tank has warned. In its 2018 Economic Review and Outlook, Econometer Global Capital (Econometer), warned that government expenditure...
Luxurious hotel for Vic Falls 12 April 2018 HARARE - Victoria Falls will soon boast a new luxury boutique called Mbano Manor Hotel, set to be launched in the first half of 2019, the Financial Gazette can reveal. The driving force behind Mbano Manor Hotel, Mati Nyazema, said the hotel was going to offer a unique and nature-based travel e...
ZSE extends CFI suspension 11 April 2018 HARARE - The Zimbabwe Stock Exchange has extended CFI Holdings (CFI) suspension from trading by an additional 30 days to conclude an investigation on the diversified conglomerate’s alleged bad corporate governance. In January this year, CFI was suspended from trading its shares on the ZSE plat...
Cash transactions rise 17pc 11 April 2018 HARARE - Zimbabweans lived it up during the month of December last year in spite of the country's liquidity challenges, latest data from the Reserve Bank of Zimbabwe indicates. In its December 2017 monthly report, the central bank said the total value of cash transactions was 17 percent higher...
Dangote back in Zim 10 April 2018 HARARE - Africa's richest man Aliko Dangote is set to invest close to $1,5 billion in coal mining and power generation in Zimbabwe. Dangote's team arrived in the country yesterday afternoon for a 10-day visit and is expected to visit Hwange to explore the site for coal mining and the establish...
Local maize productivity remains low 10 April 2018 HARARE - Maize seed producer SeedCo says local farmers have been failing to keep up with the productivity capacity of its seed technology with yield statistics for 2017 and forecasts for 2018 showing productivity below international benchmarks. SeedCo commercial agronomist Philip Matombo told ...
Zim implements trade facility 10 April 2018 HARARE - Government has started implementing the Southern African Development Community (Sadc) trade related facility (TRF) project to boost exports and improve the safety and quality of imports. The specific objective of the project is to promote the use of quality and sanitary and phytosanit...
ZSE closes week in the black 10 April 2018 HARARE - The Zimbabwe Stock Exchange (ZSE) closed last week in the black as indices remained flat with the Top Ten Index marginally rising. The Top Ten Index was buoyed by gains in heavies Delta, Econet and Old Mutual, gaining a marginal 0,07 percent despite losses in conglomerate Innscor as g...
Brainworks in 21pc revenue increase 10 April 2018 HARARE - Private equity, investment and advisory firm, Brainworks Capital (Brainworks), says its revenue in the year to December 31, 2017 increased 21,8 percent to $4,8 million from just over $4 million following a 28 percent revenue rise in the first half of 2017. The firm, however, said its ...
Zera splurges $13m on new headquarters 10 April 2018 HARARE - The Zimbabwe Energy Regulatory Authority (Zera) said it will spend $13 million towards the construction of a new headquarters in Mt Pleasant. The new state-of-the-art two storey facility, which will resemble a hydropower station, was designed by Studio Arts, and is set to be construct...
Transport minister under fire 9 April 2018 HARARE - Transport minister Joram Gumbo has come under fire from various stakeholders in the economy for failing to transform parastatals under his portfolio and develop critical infrastructure in the country. The Zanu PF legislator was appointed to the key ministry in September 2015, with the...
Cottco bosses in vicious fight 6 April 2018 HARARE - An ugly fight has erupted among top executives at agro-industrial firm Cottco Holdings over a contentious sell of lint to a local merchant that overseas buyers had allegedly paid for in advance. The tussle involves managing director Pious Manamike on the one side, and head of operatio...
Moza, Zim, SA power project on cards 5 April 2018 HARARE - The Development Bank of Southern Africa (DBSA) is set to inject over $190 million towards the construction of a new power transmission line linking Mozambique, Zimbabwe and South Africa (MoZiSa). The support by DBSA is through the Sadc Project Preparation and Development Facility (PPD...
Zim govt's diamond miner plans $20m investment 5 April 2018 HARARE - Zimbabwe Consolidated Diamond Mining Company (ZCDC) – a wholly-owned State enterprise formed after the merger of seven miners in the country’s gem-rich Chiadzwa fields – is planning a $20 million investment this year after nearly doubling production in 2018's first quarter. The miner ...
Turmoil at Nssa 4 April 2018 HARARE - As the drama at the National Social Security Authority (Nssa) continues to unfold, a former employee at the pay-as-you-go pension scheme is likely to bounce back to take up Liz Chitiga's job of chief executive officer (CEO), the Daily News can report. Insiders at the Public Service mi...
National Payment System transactions decline 4 April 2018 HARARE - The value of transactions processed through the National Payment System (NPS) for the week ending March 9 declined to $1,83 billion from $1,93 billion the previous week due to a decline in electronic transactions during the week under review. In a weekly economic highlights report, th...
'99-year lease no guarantee for funding' 4 April 2018 HARARE - FBC Holdings chief executive John Mushayavanhu says banks’ acceptance of 99-year leases as collateral does not serve as a guarantee of funding to the holders. Mushayavanhu pointed out that 99-year leases are no guarantee for funding and farmers should take into account individual bank...
Minister slams archaic Companies Act 30 March 2018 HARARE - Justice, Parliamentary and Legal Affairs minister Ziyambi Ziyambi, pictured, says government is determined to improve the ease of doing business as part of measures to resuscitate the country's wobbling economy. Ziyambi, who was delivering a keynote address at a stakeholder workshop t...
Kagonye fires Nssa board chair 29 March 2018 HARARE - Labour and Social Welfare minister Petronella Kagonye has pulled a shocker by dismissing National Social Security Authority (Nssa) board chairperson, Robin Vela, with only three months left before the expiry of the term of office for the current board members. In a terse letter to Vel...
Bikita Minerals invests more in lithium 28 March 2018 HARARE - Bikita Minerals is currently assaying rock samples for high-grade lithium concentrate (spodumene) reserves, which, if confirmed, will help turn the mine into a big money spinner. The world’s sole commercial petalite miner, which started off as Bikita Tinfields in 1910 before it was co...
Old Mutual records $219m profit 27 March 2018 HARARE - Integrated financial services group, Old Mutual Zimbabwe Limited (OM) said its profit after tax went up 139 percent to $219 million in the full year to December 31, 2017 from $91,8 million due to improved business performance across all the company's units. Old Mutual chairperson Joha...
'Animal husbandry to revive agric sector' 27 March 2018 HARARE - Platinum mining giant, Zimplats, says it is committed to revive Zimbabwe's agriculture sector by supporting animal husbandry. “Cattle farming still has great potential for reforming the agricultural sector in Zimbabwe,” the company said. Zimplats, which recently launched a cattle a...
ICT innovation drive a game changer 26 March 2018 HARARE - Government's decision to set up a multi-million dollar fund to promote technological innovation will result in Zimbabwe becoming a southern Africa information and communication technology (ICT) hub, experts say. This was after President Emmerson Mnangagwa this month officially launche...
NMB doubles profit 26 March 2018 HARARE - Dual listed financial services group, NMBZ Holdings, has doubled its profit after tax to $10 million in the full year to December 31, 2017. The group’s banking subsidiary, NMB Bank, achieved a capital adequacy ratio of 24,26 percent. The minimum required by the Reserve Bank of Zimbabw...
Tobacco season opens on high note 24 March 2018 HARARE - The 2018 tobacco marketing season opened on a high note, with the golden leaf auctioning at $4,99 per kg, 39 cents higher than last year's opening price. The first sales raked in $346 000 from 156 000kg that went under the hammer. Tobacco Sales Floor (TSF) offered $4,99 per kg whil...